The initial request to the SEC, filed on February 26, 2009, sought all records relating to information that the SEC received regarding the potential violations of the securities laws or any other potential wrongdoing by R. Allen Stanford, or Stanford Financials Group and/or its affiliates. This request included, but was not limited to the SEC's response to complaints, tips or information and any resulting audits, inquiries and/or investigations.

Kevin Magee, Executive Vice President of FOX News commented, "It is unacceptable that titans like R. Allen Stanford or Bernard Madoff were able to operate such massive financial frauds under the nose of institutions like the SEC. As a news organization, we believe it is the public's right to know how these economic atrocities were committed as part of our continued quest to demand government accountability on behalf of the American taxpayers."

The FOIA complaint was filed by FOX News Network, LLC, as owner of FBN. FBN has also filed lawsuits against the United States Treasury and United States Federal Reserve over their failure to respond to FOIA requests regarding use of the bailout funds and the Federal Reserve's extended loan facilities. In February, the Federal Court in New York sided with FBN and ordered the Treasury to comply with the network's requests.

Additionally, FBN recently moved to have a protective order vacated in the matter, NYU v. Ariel Fund Ltd., et al., because the order kept the deposition testimony of Ezra Merkin and Victor Teicher sealed from public viewing. The court granted FBN's motion.